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Why Piedmont Lithium (ASX:PLL) and these ASX shares just hit new highs

Piedmont Lithium Ltd (ASX:PLL) and these ASX shares have just hit new highs. Here’s why they are soaring at the moment…
The post Why Piedmont Lithium (ASX:PLL) and these ASX shares just hit new highs appeared first on Motley Fool Australia. –

The Australian share market has been a very positive performer this week and is charging notably higher week to date.

And while the All Ordinaries Index (ASX: XAO) is still down materially from its pre-pandemic high, that hasn’t stopped some ASX shares from charging to new highs.

Three ASX shares which have just hit record highs are listed below. Here’s why they are soaring:

Baby Bunting Group Ltd (ASX: BBN)

The Baby Bunting share price jumped to a new record high of $4.96 on Tuesday. Investors were buying the baby products retailer’s shares after the release of a trading update ahead of its annual general meeting. That update revealed that Baby Bunting’s positive form has continued in FY 2021, with comparable store sales growth (to 2 October) of 17%. Excluding stores in the Melbourne metropolitan region, the company’s comparable store sales would have been up 28.5%. Management also revealed very strong online sales and click & collect growth.

Objective Corporation Limited (ASX: OCL)

The Objective Corp share price reached a record high of $13.20 yesterday. This latest gain means that the content, collaboration, and process management software solutions company’s shares have now more than doubled in value in 2020. The catalyst for this was its strong performance in FY 2020, which led to Objective Corp delivering a 22% lift in net profit after tax to $11 million. Also getting investors excited was management’s guidance for the year ahead. It expects “a material lift in revenue and profitability” in FY 2021.

Piedmont Lithium Ltd (ASX: PLL)

The Piedmont Lithium share price surged to a new high of 48 cents on Tuesday. Investors have been buying this U.S. based lithium miner’s shares after the release of a major announcement at the end of September. That announcement revealed that Piedmont Lithium has signed a binding sales agreement with electric vehicles giant Tesla. The two parties have signed an initial five-year term for the supply of spodumene concentrate (SC6) from Piedmont Lithium’s North Carolina deposit. The deal also includes the option for a further five-year extension by mutual agreement.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Objective Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why Piedmont Lithium (ASX:PLL) and these ASX shares just hit new highs appeared first on Motley Fool Australia.

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